Louisiana State Employees Retirement System Invests $2.13 Million in Fifth Third Bancorp $FITB

Louisiana State Employees Retirement System purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 45,900 shares of the financial services provider’s stock, valued at approximately $2,133,000.

A number of other hedge funds also recently bought and sold shares of FITB. Harbor Investment Advisory LLC raised its holdings in Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $30,000. Reflection Asset Management purchased a new position in Fifth Third Bancorp in the 4th quarter worth approximately $30,000. Finally, EFG International AG bought a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $33,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.0%

Shares of FITB opened at $56.89 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $51.56 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $56.94. The business’s 50 day simple moving average is $51.04 and its 200-day simple moving average is $49.70.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the business posted $0.71 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FITB shares. Morgan Stanley boosted their price target on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday. The Goldman Sachs Group upped their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Stephens initiated coverage on Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target on the stock. Wolfe Research dropped their price objective on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Finally, Robert W. Baird raised their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $57.94.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.